Coinbase (COIN), Kalshi launch first U.S.-regulated perpetual crypto futures

Coinbase and prediction market platform Kalshi on May 29, 2026, launched regulated perpetual crypto futures, the first time such instruments are available to U.S. investors through domestic exchanges. The launch follows Commodity Futures Trading Commission listing approval for both firms, moving perpetual futures from offshore venues into a formal onshore regulatory framework. Perpetual futures, or "perps," lack an expiration date, enabling traders to hold positions indefinitely with leverage up to 50-to-1. The CFTC also issued a policy statement clarifying that new perpetual products referencing additional assets will undergo case-by-case regulatory review. Trading volume for perpetual futures reached $61.7 trillion in 2025, a 29% rise from 2024, according to CryptoQuant. The move gives institutional and retail investors a CFTC-regulated alternative to previously opaque offshore markets, though critics warn high leverage magnifies retail risks. For Kalshi, the launch signals a shift from prediction markets into derivatives exchange operations.